The author quotes Jefferson on the threat posed by a private banking system to our national liberties, then notes that many if not most foreclosures may be illegal because the securitized trusts pursuing them don’t have recorded evidence that they own the loans. Yet most foreclosures go through by default because the homeowners don’t contest them. Raising this simple defense could be done without an expensive attorney, and it could allow homeowners to stay in their homes much longer or to settle on better terms. Moe asks what would happen if a massive wave of homeowners started fighting back and making banks prove they have the right to foreclose . . .
“Moe’s Views and Theories on the Mortgage and Banking Crisis” (March 25, 2008)
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I’ve been looking for articles like this. Cases too ! Would like to help people reduce or eleminate debt of all types perhaps as a paralegal !!!
Would like to educate people to their rights and simple legal principles, including money, that they apparently didn’t get in their ” public education ” ! John in Georgia, USA
Hi J Rice, let’s keep in touch. There are some ideas floating around for starting a movement . . .
Why would you want to “start a movement” to delay foreclosures?
Its not like the prime interest rate did an unexpected 15 point jump and caught these people by surprise, they took out ARM loans when interest rates were at 40 year lows-the worse possible time, when rates are at 40 year lows you go fixed-its a no brainer, if you can’t afford a fixed loan at 40 year lows you can’t afford the loan, there’s no reason to opt for lower rates it aint gonna happen.
Interest rates have dropped when most of those ARM loans should have risen, we’re awash in “discount unbacked cash” that should easily be 5 points higher than it is, we’re all paying a huge “dollar depreciation tax” that’s reflected in everything we buy costing more.
Seems to me delaying the inevitable while racking up even more bad debt is a really bad idea and the best thing somebody facing foreclosure can do it get out as soon as possible, most of these people put down little to no money anyway.
The reality is millions of people bought houses they couldn’t afford and home prices were and still are artifically high, you can’t “fix” that problem without allowing home prices to drop to affordable levels.
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Hi Smitty, all good points, but that wasn’t the kind of movement I was thinking of. Congress can worry about that. I was thinking of something more in the nature of a lobby, which would be powerful enough to provoke Congress to take back the power to create money from the banking cartel. Where could we get that much leverage? They couldn’t stop 150 million Indians lying on the tracks; didn’t have that many bullets. So how much leverage would a group of homeowners have who KNEW their mortgages were fraudulent and couldn’t be foreclosed upon? I think I read that more than half of home buyers are now upside down and have little incentive not to just walk away . . . We don’t have to do it; we can just show that we have the power to do it.
I am amazed with it. It is a good thing for my research. i have a blog about foreclosure and bankruptcy too, please come visit my site when u have time ^_^
It would have been be nicer if everyone were capable of handling the legalities behind the foreclosure, and it’s sad that it is not possible.